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Substitution of Russian oil in global market takes time — Putin

Suggestions on investments in the hydrocarbon energy sector were for the first time made by the International Energy Agency, the Russian president said

MOSCOW, October 23. /TASS/. Time and huge investments will be needed to substitute Russian oil and oil products in the global market, President Vladimir Putin said.

"Certainly, it is possible with some part, certainly, not for everything - it is impossible, but to substitute a certain part of Russian oil and oil products in the global market. However, firstly, this needs time," the head of state said, adding that large investments are also required to do it.

Suggestions on investments in the hydrocarbon energy sector were for the first time made by the International Energy Agency, Putin said. "It has been the opposite up to now. It was said, including within the framework of the International Energy Agency, that investments should be in alternative energy sources," the head of state noted.

"It has become clear that we cannot do without hydrocarbons during the coming, in any case, years and decades," Putin added.

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